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DuPont lifts FY guidance after strong Q1 beat
(Sharecast News) - Shares in DuPont were rising strongly in pre-market trade on Wednesday after the American chemical company beat forecasts with first-quarter sales and profits and upped its full-year guidance. Net sales fell by 3% year-on-year to $2.9bn, as volumes were dragged lower by continued channel inventory destocking in industrial-based businesses.
However, that surpassed the $2.8bn expected by the market, as the top-line decline was partially offset by a continued recovery in the electronics market, shown by an 11% jump in volumes in the Semiconductor Technologies division and increased volumes in Interconnect Solutions.
Operating EBITDA fell by 4% to $682m, with adjusted earnings per share slipping 6% to 79 cents, though that was comfortably ahead of the 65 cents consensus forecast.
Looking ahead, chief executive Ed Breen said that channel inventory destocking within the industrial-based businesses has "bottomed" and the projected recovery timing is on track with expectations.
"First-quarter 2024 financial results exceeded our expectations driven by better-than-expected volumes along with a continued focus by our teams on operational execution and cost discipline," he said.
The company is now guiding to full-year net sales of $12.1bn to $12.4bn, and adjusted earnings per share of $3.45 to $3.75, up from prior guidance of $11.9bn-12.30bn and $3.25-3.65 respectively.
DuPont's stock futures were up 3.4% at $74.99 by 0614 in New York.
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